By Shanieka Smith
Staff Writer
#Jamaica, January 20, 2023 – In light of the fraud scandal at Stocks and Securities Limited (SSL), the opposition party in Jamaica, the People’s National Party (PNP), has expressed concern about the Financial Services Commission’s (FSC) ineffective control of financial companies.
The PNP said in a media release that they have had concerns about the FSC for several years back. They claimed these concerns were not followed up on.
“This failure of effective regulatory oversight has been to the detriment of members of the public who had their hard-earned savings invested there,” the opposition noted, making reference to individuals such as Olympic legend, Usain Bolt.
It was also recently confirmed that as of October 31, 2022, Bolt’s account had more than US$12 million. The account was reportedly drained to just over US$12,000.
On Thursday, January 12, SSL announced that measures have been put in place to protect the assets of their clients. Meanwhile, Bolt’s lawyers have written to SSL indicating that they have 10 days to return his money in full.
